In-depth discussion of motivations

In-depth Discussion of Motivations is a Driver of Elevation Goal 1: Making great first impressions, increasing conversion

Data based on responses to the following question, asked in the First Impression review form

“Did you discuss your reasons for wanting to pursue the goal(s) you discussed?”

Possible responses
  1. N/a, we didn’t discuss goals
  2. No
  3. Yes, we discussed them
  4. Yes, we discussed them in depth

In-Depth Discussion of Motivations Score

Proportion of respondents answering “Yes, we discussed them in depth” 

Relationship between In-Depth Discussion of Motivations and Conversion Rate

The relationship between In-Depth Discussion of Motivations and Conversion Rate is highly statistically significant

Why do we ask about In-Depth Discussion of Motivations?

In-Depth Discussion of Motivations arose as a key driver of advocacy through our qualitative research with firm management teams, advisers and clients. 

We confirmed this relationship quantitatively through our review forms. 

How to improve your score:

Starting the conversation
Establish Rapport. Rapport extends beyond small-talk. Finding genuine common ground to talk about which connects you to your client. 

Beware starting your conversation with money. This can be an immediate turn off for your prospective clients and risks a superficial conversation preventing you from understanding your client’s real motivation.

Watch Your Language. Be mindful of the questions you ask and the language you use. For example, exchange “how can I help” for “what are you looking to achieve”. This subtle change in question moves the focus away from what you can do for them and onto what they want to achieve.
Get to the real motivation
Dive Deep. Don’t take your client’s first answer for granted. Some motivations are complicated so it’s easier to give a superficial answer your client believes will create the outcome they want, rather than going into the details of the real reason. 

The “5 Whys”. This is a helpful and simple tactic, where you ask why 5 times to the initial answer your client has given to get to their real motivation. For example: 
- “I want to invest £100,000” – why? / “I want the money to grow” – why?
Challenge the client
Challenge their goals. Challenge your client’s initial goals where you see necessary. This isn’t about telling your client what they should do, but rather getting to the real reason they want to act, and helping them achieve the right outcomes. 

Challenge their understanding. It could be that your client doesn’t understand something properly or they’re not thinking about it in the right way. It could be that they’re not being honest, either because they’re not yet comfortable to do so, or they think the information they’ve provided will get them the outcome they want.
Validate your understanding
On the same page. Check your understanding regularly. At an appropriate break in the conversation, say “So let me just check I’ve understood that correctly” and then repeat back what your client has just told you. This reinforces that you are interested in them as you want to ensure you get everything right.

Without fully understanding what your client is trying to achieve and why, it is impossible to deliver a good outcome for them, in line with FCA’s expectations set out in the Consumer Duty. Take the time to find your client’s real motivations and don’t take their first answer for granted!

How did we do?

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